New Tariffs on Imported Goods: 10% or 15% Additional Duties Imposed.
This bill introduces new, supplementary tariffs on nearly all goods imported into the United States. Citizens may face higher prices for imported products, as duties of 10% or 15% of the goods' value will be imposed, depending on whether the exporting country has a trade surplus or deficit with the US. The President retains the power to reduce these duties if deemed necessary for national interest or security.
Key points
Imposes an additional 10% duty on goods imported from countries with which the United States has a trade surplus.
Imposes an additional 15% duty on goods imported from countries with which the United States has a trade deficit.
These duties are added on top of any existing tariffs, potentially increasing the cost of foreign products for consumers.
The President is granted authority to reduce these additional duties for national interest or security reasons, following consultation with Congress.
Introduced
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